PNC Financial's third-quarter net profit down 39%

MikeMaynard

WASHINGTON (MarketWatch) -- PNC Financial Services Group Inc.
PNC, -2.15%
reported third-quarter net income of $248 million, or 71 cents a share, down from $407 million, or $1.19 a share, earned in the same period during 2007. The Pittsburgh-based company's quarterly revenue fell to $1.65 billion from the prior year's $1.75 billion. The consensus of 14 analysts surveyed by FactSet Research had been for PNC to post a profit of $1.02 a share. Net interest margin improved to 3.46% from 3.00% in the year-earlier third quarter, as net interest income hit $1 billion, up 31%, the company said. PNC's nonperforming assets were 1.16% of total loans and foreclosed assets as of Sept. 30, higher than both 1.00% at the end of June and 0.46% on Sept. 30, 2007.

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